The decline in commercial real estate caused by the pandemic could affect global financial stability. (Istock by Getty Images/YvanDube)
2020 was a record-breaking year for housing markets in many countries- including the US, but for the commercial real estate sector, it was a completely different story. Lockdown and containment measures severely affected economic activity, pushing down commercial property transactions and prices in cities around the world. A new analytical chapter in the Global Financial Stability Report looks at how continued downward pressure on prices could threaten financial stability and hamper the recovery. In this podcast, lead author Andrea Deghi, and team lead Mahvash Qureshi, say vacancy rates of office space in the US almost doubled in 2020 due to people having to work from home, a trend likely to continue well beyond the pandemic.
Read the analytical chapter
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International Monetary Fund
Bruce Edwards produces the IMF podcast program. He's an award-winning audio producer and journalist who's covered armed conflicts, social unrest, and natural disasters from all corners of the world. He believes economists have an important role in solving the world's problems and aspires to showcase their research in every IMF podcast.
Rhoda Metcalfe is an independent journalist and audio producer. Her reporting on the armed conflict in Colombia in the late 90s, as well as her work in Egypt, Turkey and South Africa has won several awards. She now produces podcasts and radio features from Washington DC and is a regular contributor to the IMF Podcast program.